One of the City’s best-known figures took a mischievous swipe at TSB yesterday as he launched his own alternative plan to raise up to £250 million from investors.

Terry Smith, the chief executive of Tullett Prebon, the broker, said that he recalled the first time TSB floated in 1986. “I was the Extel top-rated banks analyst in the City. It went quite well — until it didn’t. I’ve seen that movie before,” he said.

Mr Smith was trying to drum up investor interest in a new investment trust specialising in emerging markets equities to be run by Fundsmith, his privately owned